EHang (Nasdaq: EH) Q1 2026 results with RMB600m outlook and $30M buyback

Rhea-AI Filing Summary

EHang Holdings reported unaudited first-quarter 2026 results, with revenues of RMB25.7 million (US$3.7 million), roughly flat year over year but sharply lower than the prior quarter due to fewer eVTOL aircraft deliveries and more non-human-carrying business. Gross profit was RMB16.0 million with a strong 62.5% gross margin, slightly higher than both comparison periods. Operating expenses rose to RMB151.7 million, leading to an operating loss of RMB127.9 million and a net loss of RMB126.4 million (RMB0.83 per ordinary share, RMB1.66 per ADS). Adjusted net loss was RMB75.6 million. EHang ended March 31, 2026 with RMB1.03 billion in cash, restricted deposits, short-term investments and treasury investments, and maintained full-year 2026 revenue guidance of around RMB600 million. The Board also approved a 12‑month share repurchase program of up to US$30 million in ADSs or ordinary shares, to be funded mainly from existing cash.

Insights

Equity analyst – aerospace & emerging tech

Q1 shows strong margins and cash, but higher losses and seasonal revenue.

EHang generated Q1 2026 revenue of RMB25.7 million, roughly flat year over year but well below Q4’s RMB177.6 million as aircraft deliveries slowed. Despite this, gross margin remained high at 62.5%, slightly above prior periods, highlighting attractive unit economics.

Operating expenses climbed to RMB151.7 million, up from RMB110.9 million a year earlier, driving a wider operating loss of RMB127.9 million and net loss of RMB126.4 million. On a non‑GAAP basis, adjusted net loss was RMB75.6 million, reflecting large share‑based compensation add‑backs.

Liquidity remains solid, with combined cash, restricted deposits, short‑term investments and treasury investments of RMB1.03 billion as of March 31, 2026. Management reiterated full‑year 2026 revenue guidance of around RMB600 million and announced a US$30 million share repurchase program over 12 months, signaling confidence in the company’s long‑term prospects while it scales commercial eVTOL operations.

Key Figures

Q1 2026 revenue: RMB25.7 million (US$3.7 million) Q1 2026 gross margin: 62.5% Q1 2026 net loss: RMB126.4 million (US$18.3 million) +5 more

8 metrics

Q1 2026 revenue RMB25.7 million (US$3.7 million) Quarter ended March 31, 2026

Q1 2026 gross margin 62.5% Quarter ended March 31, 2026

Q1 2026 net loss RMB126.4 million (US$18.3 million) Quarter ended March 31, 2026

Cash and investments RMB1.03 billion (US$148.9 million) As of March 31, 2026

2026 revenue guidance Around RMB600 million Full-year 2026 outlook

Share repurchase authorization Up to US$30 million ADSs or ordinary shares over 12 months

Adjusted net loss RMB75.6 million (US$11.0 million) Non-GAAP, quarter ended March 31, 2026

Shares used in EPS 150,994 thousand shares Basic and diluted, Q1 2026

Key Terms

eVTOL, Air Operator Certificate, Non-GAAP Financial Measures, share-based compensation, +2 more

6 terms

eVTOL technical

"pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases"

eVTOL stands for "electric vertical takeoff and landing" aircraft, which are small, electric-powered vehicles capable of taking off and landing vertically like a helicopter. They are designed to provide quick, on-demand transportation within cities or between locations, potentially transforming urban mobility. For investors, eVTOLs represent a growing segment of innovative transportation technology with potential for significant market impact and future growth.

Air Operator Certificate regulatory

"The two Air Operator Certificate (“OC”) holders, EHang General Aviation and Heyi Aviation"

An air operator certificate is an official government license that allows a company to fly aircraft commercially — carrying passengers, cargo, or operating charter services. Think of it like a business permit plus a driver’s license for an airline: it proves the company meets safety, maintenance, and operational rules. Investors care because without it a carrier cannot legally earn flight revenue, and restrictions, suspensions or loss of the certificate can sharply reduce cash flow and company value.

Non-GAAP Financial Measures financial

"The Company uses adjusted operating expenses... (collectively, the “Non-GAAP Financial Measures”)"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

share-based compensation financial

"item of (i) share-based compensation expenses and (ii) certain non-operational expenses"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

Airworthiness certificate regulatory

"obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL"

An airworthiness certificate is an official approval from aviation authorities that an aircraft meets safety and maintenance standards and is fit to fly. For investors, it’s like a vehicle registration and safety sticker for a company’s plane fleet: losing or lacking one can ground aircraft, halt revenue, increase costs, and signal regulatory or operational risks that can affect a company’s value and cash flow.

Share Repurchase Program financial

"the Board of Directors has approved a Share Repurchase Program, pursuant to which the Company may repurchase up to US$30 million"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

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Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2026

Commission File Number 001-39151

EHANG HOLDINGS LIMITED

EHang Future City (Group Headquarters)

No. 118 Dongjiang Avenue, Huangpu District,

Guangzhou, 510730

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒   Form  40-F ☐

Exhibit Index

Exhibit		Description
99.1		Press Release: EHang Reports First Quarter 2026 Unaudited Financial Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				EHang Holdings Limited
				By:		/s/ Conor Chia-hung Yang
				Name:		Conor Chia-hung Yang
				Title:		Chief Financial Officer
Date: June 9, 2026

Exhibit 99.1

EHang Reports First Quarter 2026 Unaudited Financial Results

Guangzhou, China, June 9, 2026 — EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced its unaudited financial results for the first quarter ended March 31, 2026.

Operational and Financial Highlights for the First Quarter of 2026

• Sales and deliveries of electric vertical take-off and landing (“eVTOL”) aircraft were four units of EH216 series¹, compared with 11 units of EH216 series in the first quarter of 2025, and 61 units of EH216 series and five units of VT35 in the fourth quarter of 2025.

• Total revenues were RMB25.7 million (US$3.7 million), compared with RMB26.1 million in the first quarter of 2025, and RMB177.6 million in the fourth quarter of 2025.

• Gross margin was 62.5%, a slight increase from 62.4% in the first quarter of 2025 and 61.6% in the fourth quarter of 2025.

• Operating loss was RMB127.9 million (US$18.5 million), compared with RMB89.9 million in the first quarter of 2025 and RMB43.0 million in the fourth quarter of 2025.

• Net loss was RMB126.4 million (US$18.3 million), compared with RMB78.4 million in the first quarter of 2025 and RMB20.9 million in the fourth quarter of 2025.

• Adjusted operating loss² (non-GAAP) was RMB77.1 million (US$11.2 million), compared with RMB42.6 million in the first quarter of 2025, and adjusted operating income² of RMB17.9 million in the fourth quarter of 2025.

• Adjusted net loss³ (non-GAAP) was RMB75.6 million (US$11.0 million), compared with RMB31.1 million in the first quarter of 2025, and adjusted net income³ of RMB40.1 million in the fourth quarter of 2025.

• Cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investment balances were RMB1.03 billion (US$148.9 million) as of March 31, 2026.

Business Highlights for the First Quarter of 2026 and Recent Developments

Progress Toward EH216-S Commercial Operations in China

As China advances toward public eVTOL commercial operations, EHang and its operating partners have been working closely with the CAAC to meet additional operational and safety requirements ahead of the launch of public ticketed flight services. The two Air Operator Certificate (“OC”) holders, EHang General Aviation and Heyi Aviation, have continued refining operational procedures, ground support systems, personnel training programs and emergency response capabilities while conducting routine internal trial commercial operations. Since obtaining their OCs in March 2025, both operators have maintained a flawless safety record with zero accidents and zero violations, completing more than 3,000 safe flight missions. Meanwhile, EHang has established a comprehensive commercial operation framework covering ticket pricing, online and offline ticketing channels, customer service, public feedback management and standardized operating procedures. With over 40 eVTOL operation sites already established by customers and partners across China, some of which are in routine flights, the Company is continuing to expand operational capacity and further refine its scalable operating model for future commercial deployment.

¹  The EH216 series include the EH216-S (standard model for passenger transportation), the EH216-F (specialized model for aerial firefighting), and the EH216-L (specialized model for aerial logistics).

²  Adjusted operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses. See “Non-GAAP Financial Measures”.

³  Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures”.

1

In preparation for the EH216-S crew training program, EHang assembled an experienced instructor team and secured all necessary resources, including training aircraft, facilities, and practice sites. In May 2026, the CAAC issued the Training Requirements for Remote Pilot of Large Civil Unmanned Aircraft System, providing a regulatory framework for standardized training of EH216-S ground operating crew. EHang’s early preparation efforts have also contributed practical insights to the development of this industry standard. The training program is ready for implementation and will be launched promptly upon receiving CAAC approval, laying a core talent foundation for future scaled commercial operations.

EH216-S Upgrades to Enhance Operational Efficiency and Passenger Experience

EHang continued to optimize the EH216-S platform with a focus on improving operational efficiency and passenger comfort, particularly in high-temperature operating environments.

To enhance aircraft utilization, the Company developed a dedicated battery cooling vehicle that significantly shortens battery cooling time between flights, supporting higher operational frequency. In addition, EHang introduced an independent air-conditioning system for the EH216-S cabin. The upgraded system effectively reduces cabin temperature and improves passenger comfort without compromising flight safety and performance.

Progress on VT35 Certification Process

EHang continued advancing the research, development, and airworthiness certification for the VT35 long-range lift-and-cruise eVTOL aircraft. The certification process is currently in the Certification Basis definition phase, with in-depth discussions with the CAAC regarding Special Conditions, safety objectives, and performance requirements. The Company also continued critical test flights to validate system functionality and performance, while detailed avionics design progressed in preparation for certification prototype manufacturing.

Aerial Media Business Continues to Gain Traction

Building on the successful performance of 16 EH216-S aircraft and 22,580 GD4.0 formation drones at the CMG 2026 China Spring Festival Gala in Hefei, which set a new Guinness World Records^™ title, EHang experienced increased market interest in its aerial media solutions.

During the first quarter of 2026, EHang delivered 22 aerial media shows and 1,000 units of GD 4.0 formation drones. Revenue contribution from aerial media solutions represented approximately 40% of total revenue for the quarter, reflecting growing customer adoption and a more diversified revenue mix.

Global Expansion

Thailand:

Thailand remains EHang’s strategic benchmark market overseas. Under the AAM Sandbox framework, the Company has continued advancing regulatory engagement, operational preparation and local capability building. Five vertiport locations have been identified and the survey of the first operational route has been completed. To support operations in Thailand’s hot and humid island environment, EHang has completed localized upgrades to key systems, including battery cooling and cabin air-conditioning solutions. The Company is now actively working with the Civil Aviation Authority of Thailand (“CAAT”) to advance the approval process for commercial operations, while leveraging the Thailand program as a model for future international market expansion.

2

Mexico: In May 2026, EHang’s flagship EH216-S successfully completed the first human-carrying pilotless eVTOL flights in Mexico and Latin America during the FAMEX Tulum Air Show 2026. Executed in coordination with our local operator under the local regulatory framework, the milestone demonstrated the operational capability of the EH216-S in airport environments and marked an important step toward future deployment of pilotless eVTOL operations in the region.

Share Repurchase Program

On June 8, 2026, the Company’s Board of Directors has approved a Share Repurchase Program, pursuant to which the Company may repurchase up to US$30 million of its American Depositary Shares (“ADSs”) or ordinary shares over the next 12 months.

The Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable federal securities laws, including Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of any share repurchases under the Share Repurchase Program will be determined by the Company’s management at its discretion based on ongoing assessments of price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. The Company expects to fund repurchases made under this program mainly from its existing cash balance.

Management Remarks

Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “The first quarter of 2026 marked an important transition period as we continued advancing from airworthiness certification achievements toward commercial deployment. We remained focused on the four strategic priorities we outlined at the beginning of the year: advancing commercial operation readiness, expanding our global footprint, progressing the VT35 certification, and strengthening our integrated industrial capabilities. This quarter, we continued refining operational systems and procedures with regulators and partners, upgraded EH216-S for hot-weather conditions, advanced VT35 key certification activities and Thailand’s AAM sandbox program.

At the industry level, China’s low-altitude economy is entering a new stage of development, supported by an increasingly comprehensive legal, regulatory, and standards framework that provides a solid foundation for sustainable growth. As the world’s first company to obtain the full suite of airworthiness and operational certifications for a pilotless human-carrying eVTOL aircraft, we believe our competitive advantage extends beyond certification and manufacturing. It lies in our ability to establish safe, scalable, and sustainable operational models. Looking ahead, we will continue to prioritize safety, compliance, and operational excellence while steadily advancing the commercialization of advanced air mobility.”

Mr. Conor Yang, Chief Financial Officer of EHang: “Our first quarter financial performance reflected normal seasonal dynamics and aircraft delivery schedules, while our business fundamentals remain stable. We are maintaining our annual revenue guidance of RMB600 million, supported by the market demand, ongoing progress toward public commercial operations, expanding international opportunities and diversified revenue sources. Notably, the aerial media business gained solid traction and contributed approximately 40% of total revenues during the first quarter, reflecting further diversification of our revenue mix. We will continue balancing business expansion with disciplined cost management, while maintaining a healthy financial profile to support our long-term growth strategy.

3

Additionally, the Board has approved a 12-month share repurchase program, authorizing the repurchase of up to US$30 million of ADSs or ordinary shares, demonstrating our confidence in the Company’s long-term value and future growth.”

Unaudited Financial Results for the First Quarter of 2026

Revenues

Total revenues were RMB25.7 million (US$3.7 million), compared with RMB26.1 million in the first quarter of 2025, and RMB177.6 million in the fourth quarter of 2025, primarily driven by decreased sales volume of eVTOL aircraft, partially offset by growth from non-human-carrying business.

Costs of revenues

Costs of revenues were RMB9.6 million (US$1.4 million), on par with RMB9.8 million in the first quarter of 2025 and RMB68.3 million in the fourth quarter of 2025. The quarter-over-quarter decrease was in line with the decrease in the sales volume of eVTOL aircraft.

Gross profit and gross margin

Gross profit was RMB16.0 million (US$2.3 million), compared with RMB16.3 million in the first quarter of 2025, and RMB109.4 million in the fourth quarter of 2025. The quarter-over-quarter decrease was primarily due to the decrease in the sales volume of eVTOL aircraft.

Gross margin was 62.5%, a slight increase from 62.4% in the first quarter of 2025 and 61.6% in the fourth quarter of 2025.

Operating expenses

Total operating expenses were RMB151.7 million (US$22.0 million), compared with RMB110.9 million in the first quarter of 2025, and RMB154.4 million in the fourth quarter of 2025.

• Sales and marketing expenses were RMB23.9 million (US$3.5 million), compared with RMB12.2 million in the first quarter of 2025, and RMB38.3 million in the fourth quarter of 2025. The year-over-year increase was attributed to higher share-based compensation expenses due to new grant of share-based awards in second quarter of 2025, primarily subject to four-year vesting schedule, increased employee compensation driven by workforce expansion and increased marketing and promotional fees. The quarter-over-quarter decrease was attributed to lower share-based compensation expenses due to a certain portion of share-based awards fully vested in 2025 and decreased sales-related compensation driven by lower sales volume.

• General and administrative expenses were RMB67.7 million (US$9.8 million), compared with RMB61.3 million in the first quarter of 2025, and on par with RMB67.1 million in the fourth quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion and increased depreciation and amortization of property and equipment as our new headquarter buildings were placed in service due to workforce expansion, partly offset by lower share-based compensation expenses.

• Research and development expenses were RMB60.1 million (US$8.7 million), compared with RMB37.3 million in the first quarter of 2025, and RMB49.1 million in the fourth quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion and incremental expenditures on different models of eVTOL aircraft, including VT35 development and certification. The quarter-over-quarter increase was mainly attributable to continuous expenditures on development of the eVTOL aircraft.

4

Operating loss

Operating loss was RMB127.9 million (US$18.5 million), compared with RMB89.9 million in the first quarter of 2025 and RMB43.0 million in the fourth quarter of 2025.

Net loss

Net loss was RMB126.4 million (US$18.3 million), compared with RMB78.4 million in the first quarter of 2025 and RMB20.9 million in the fourth quarter of 2025.

Net loss per ordinary share and per ADS

Basic and diluted net loss per ordinary share were both RMB0.83 (US$0.12).

Basic and diluted net loss per American depositary share (“ADS”) were both RMB1.66 (US$0.24). Each ADS represents two of our Class A ordinary shares.

Balance sheets

Cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investment balances were RMB1.03 billion (US$148.9 million) as of March 31, 2026.

Non-GAAP Financial Measures

The Company uses adjusted operating expenses, adjusted sales and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) attributable to ordinary shareholders, adjusted basic and diluted net earnings (loss) per ordinary share and adjusted basic and diluted net earnings (loss) per ADS (collectively, the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the Cayman Islands, or such expenses were not deductible.

The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of item of (i) share-based compensation expenses and (ii) certain non-operational expenses, such as provisions for legal proceedings, which are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in their financial and operational decision-making.

The Non-GAAP Financial Measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The Non-GAAP Financial Measures have limitations as analytical tools. One of the key limitations of using the Non-GAAP Financial Measures is that they do not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of the Non-GAAP Financial Measures. Further, the Non-GAAP Financial Measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the Non-GAAP Financial Measures to the nearest U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance.

5

Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance or financial results. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on the Non-GAAP Financial Measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Adjusted operating expenses⁴ (non-GAAP)

Adjusted operating expenses⁴ were RMB101.1 million (US$14.7 million), compared to RMB63.6 million in the first quarter of 2025 and RMB93.7 million in the fourth quarter of 2025. In the First Quarter of 2026, adjusted sales and marketing expenses⁴, adjusted general and administrative expenses⁴, and adjusted research and development expenses⁴ were RMB18.6 million (US$2.7 million), RMB31.4 million (US$4.5 million), and RMB51.1 million (US$7.5 million), respectively.

Adjusted operating income (loss)² (non-GAAP)

Adjusted operating loss² was RMB77.1 million (US$11.2 million), compared with RMB42.6 million in the first quarter of 2025 and compared with adjusted operating income² of RMB17.9 million in the fourth quarter of 2025.

Adjusted net income (loss)³ (non-GAAP)

Adjusted net loss³ was RMB75.6 million (US$11.0 million), compared with RMB31.1 million in the first quarter of 2025 and adjusted net income³ of RMB40.1 million in the fourth quarter of 2025.

Adjusted net income (loss) attributable to EHang’s ordinary shareholders⁵ (non-GAAP)

Adjusted net loss attributable to EHang’s ordinary shareholders⁵ was RMB75.2 million (US$10.9 million), compared with RMB30.8 million in the first quarter of 2025 and adjusted net income attributable to EHang’s ordinary shareholders⁵ of RMB40.0 million in the fourth quarter of 2025.

Adjusted net loss per ordinary share⁶ and per ADS⁷ (non-GAAP)

Adjusted basic and diluted net loss per ordinary share⁶ were RMB0.50 (US$0.07).

⁴  Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. Adjusted sales and marketing expenses, adjusted general and administrative expenses, and adjusted research and development expenses are non-GAAP financial measures. Each is defined as the respective expense—sales and marketing expenses, general and administrative expenses, and research and development expenses—excluding share-based compensation expenses.

⁵  Adjusted net income (loss) attributable to EHang’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to EHang’s ordinary shareholders excluding share-based compensation expenses and certain non-operational expenses.

⁶  Adjusted basic and diluted net earnings (loss) per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted net earnings (loss) per ordinary share excluding share-based compensation expenses and certain non-operational expenses.

⁷  Adjusted basic and diluted net earnings (loss) per ADS is a non-GAAP financial measure, which is defined as basic and diluted earnings (loss) per ADS excluding share-based compensation expenses and certain non-operational expenses.

6

Adjusted basic and diluted net loss per ADS⁷ were RMB1.00 (US$0.14).

Business Outlook

For the fiscal year 2026, the Company currently maintains the annual revenue guidance of around RMB600 million.

The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary views regarding its business situation and market conditions, which are subject to change.

Conference Call

EHang’s management team will host an earnings conference call at 8:00 AM on Tuesday, June 9, 2026, U.S. Eastern Time (8:00 PM on Tuesday, June 9, 2026, Beijing/Hong Kong Time).

To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.

Participant Online Registration:

English line: https://s1.c-conf.com/diamondpass/10055177-wdgnt0.html

Chinese line: https://s1.c-conf.com/diamondpass/10055179-jzwcug.html

A live and archived webcast of the conference call will be available on the Company’s Investors Relations website at http://ir.ehang.com/.

About EHang

EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of AAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

7

Exchange Rate

This press release contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.

Investor Contact: ir@ehang.com

Media Contact: pr@ehang.com

8

EHANG HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

		As of				As of
		December 31, 2025				March 31, 2026
		RMB				RMB				US$
		(Unaudited)				(Unaudited)				(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			256,400				160,204				23,225
Short-term investments			843,232				809,934				117,415
Restricted short-term deposits			29,655				28,733				4,165
Accounts receivable, net8			111,670				86,101				12,481
Inventories			101,634				120,769				17,508
Prepayments and other current assets9			140,922				143,342				20,780
Total current assets			1,483,513				1,349,083				195,574
Non-current assets:
Treasury investment			—				27,899				4,045
Property and equipment, net			258,050				276,719				40,116
Operating lease right-of-use assets, net			116,468				131,238				19,026
Land use rights, net			11,347				11,285				1,636
Intangible assets, net			2,713				2,757				400
Investments accounted for using equity method			28,849				40,523				5,875
Other investments			45,330				45,330				6,571
Deferred tax assets			6,969				6,969				1,010
Other non-current assets			38,294				38,562				5,590
Total non-current assets			508,020				581,282				84,269
Total assets			1,991,533				1,930,365				279,843

⁸  As of December 31, 2025 and March 31, 2026, amount due from related parties of RMB5,256 and RMB671 (US$97) was included in accounts receivable, net, respectively.

⁹  As of December 31, 2025 and March 31, 2026, amount due from a related party of RMB2,070 and nil was included in prepayments and other current assets, respectively.

9

EHANG HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

		As of				As of
		December 31, 2025				March 31, 2026
		RMB				RMB				US$
		(Unaudited)				(Unaudited)				(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term bank loans			229,611				300,993				43,635
Accounts payable			132,509				118,576				17,190
Contract liabilities10			60,839				59,336				8,602
Current portion of long-term bank loans			9,800				15,500				2,247
Accrued expenses and other liabilities			263,439				202,659				29,379
Current portion of lease liabilities			16,278				24,574				3,562
Deferred income			817				597				87
Deferred government subsidies			684				156				23
Income taxes payable			1,820				277				40
Total current liabilities			715,797				722,668				104,765
Non-current liabilities:
Long-term bank loans			82,700				95,600				13,859
Deferred tax liabilities			292				292				42
Unrecognized tax benefit			5,480				5,480				794
Lease liabilities			114,246				123,286				17,873
Other non-current liabilities			4,676				3,561				516
Total non-current liabilities			207,394				228,219				33,084
Total liabilities			923,191				950,887				137,849
Shareholders’ equity:
Ordinary shares			92				92				13
Additional paid-in capital			3,335,371				3,386,145				490,888
Treasury shares			(10,085	)			(10,085	)			(1,462	)
Statutory reserves			3,302				3,302				479
Accumulated deficit			(2,262,358	)			(2,388,319	)			(346,234	)
Accumulated other comprehensive income (loss)			2,605				(10,671	)			(1,547	)
Total EHang Holdings Limited shareholders’ equity			1,068,927				980,464				142,137
Non-controlling interests			(585	)			(986	)			(143	)
Total shareholders’ equity			1,068,342				979,478				141,994
Total liabilities and shareholders’ equity			1,991,533				1,930,365				279,843

¹⁰  As of December 31, 2025 and March 31, 2026, amount due to related parties of RMB2,307 and RMB2,305 (US$334) are included in contract liabilities, respectively.

10

EHANG HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)

		Three Months Ended
		March 31, 2025				December 31, 2025				March 31, 2026
		RMB				RMB				RMB				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Total revenues			26,092				177,636				25,660				3,720
Costs of revenues			(9,799	)			(68,262	)			(9,621	)			(1,395	)
Gross profit			16,293				109,374				16,039				2,325
Operating expenses:
Sales and marketing expenses			(12,228	)			(38,263	)			(23,916	)			(3,467	)
General and administrative expenses			(61,344	)			(67,080	)			(67,749	)			(9,822	)
Research and development expenses			(37,285	)			(49,092	)			(60,080	)			(8,710	)
Total operating expenses			(110,857	)			(154,435	)			(151,745	)			(21,999	)
Other operating income			4,686				2,101				7,798				1,130
Operating loss			(89,878	)			(42,960	)			(127,908	)			(18,544	)
Other income (expense):
Interest and investment income			12,049				21,127				10,396				1,507
Interest expenses			(1,153	)			(2,086	)			(2,324	)			(337	)
Foreign exchange gain (loss)			1,572				(1,401	)			(3,475	)			(504	)
Other non-operating income, net			751				788				492				71
Total other income			13,219				18,428				5,089				737
Loss before income tax and loss from equity method investment			(76,659	)			(24,532	)			(122,819	)			(17,807	)
Income tax (expenses) benefits			(1	)			4,523				(117	)			(17	)
Loss before loss from equity method investment			(76,660	)			(20,009	)			(122,936	)			(17,824	)
Loss from equity method investment			(1,730	)			(846	)			(3,426	)			(497	)
Net loss			(78,390	)			(20,855	)			(126,362	)			(18,321	)

11

EHANG HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)

		Three Months Ended
		March 31, 2025				December 31, 2025				March 31, 2026
		RMB				RMB				RMB				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Net loss			(78,390	)			(20,855	)			(126,362	)			(18,321	)
Net loss (income) attributable to non-controlling interests			306				(48	)			401				58
Net loss attributable to ordinary shareholders			(78,084	)			(20,903	)			(125,961	)			(18,263	)
Net loss per ordinary share:
Basic and diluted			(0.54	)			(0.14	)			(0.83	)			(0.12	)
Shares used in net loss per ordinary share computation (in thousands of shares):
Basic			143,886				149,338				150,994				150,994
Diluted			143,886				149,338				150,994				150,994
Loss per ADS (2 ordinary shares equal to 1 ADS) Basic and diluted			(1.08	)			(0.28	)			(1.66	)			(0.24	)
Other comprehensive loss
Foreign currency translation adjustments net of nil tax			(1,999	)			(9,820	)			(13,276	)			(1,925	)
Total other comprehensive loss, net of tax			(1,999	)			(9,820	)			(13,276	)			(1,925	)
Comprehensive loss			(80,389	)			(30,675	)			(139,638	)			(20,246	)
Comprehensive loss (gain) attributable to non-controlling interests			306				(48	)			401				58
Comprehensive loss attributable to ordinary shareholders			(80,083	)			(30,723	)			(139,237	)			(20,188	)

12

EHANG HOLDINGS LIMITED

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)

		Three Months Ended
		March 31, 2025				December 31, 2025				March 31, 2026
		RMB				RMB				RMB				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Sales and marketing expenses			(12,228	)			(38,263	)			(23,916	)			(3,467	)
Plus: Share-based compensation			1,961				12,336				5,294				767
Adjusted sales and marketing expenses			(10,267	)			(25,927	)			(18,622	)			(2,700	)
General and administrative expenses			(61,344	)			(67,080	)			(67,749	)			(9,822	)
Plus: Share-based compensation			39,173				38,480				36,397				5,277
Adjusted general and administrative expenses			(22,171	)			(28,600	)			(31,352	)			(4,545	)
Research and development expenses			(37,285	)			(49,092	)			(60,080	)			(8,710	)
Plus: Share-based compensation			6,128				9,944				8,960				1,299
Adjusted research and development expenses			(31,157	)			(39,148	)			(51,120	)			(7,411	)
Operating expenses			(110,857	)			(154,435	)			(151,745	)			(21,999	)
Plus: Share-based compensation			47,262				60,760				50,651				7,343
Adjusted operating expenses			(63,595	)			(93,675	)			(101,094	)			(14,656	)
Operating loss			(89,878	)			(42,960	)			(127,908	)			(18,544	)
Plus: Share-based compensation			47,262				60,909				50,774				7,361
Adjusted operating (loss) income			(42,616	)			17,949				(77,134	)			(11,183	)

13

EHANG HOLDINGS LIMITED

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)

		Three Months Ended
		March 31, 2025				December 31, 2025				March 31, 2026
		RMB				RMB				RMB				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Net loss			(78,390	)			(20,855	)			(126,362	)			(18,321	)
Plus: Share-based compensation			47,262				60,909				50,774				7,361
Adjusted net (loss) income			(31,128	)			40,054				(75,588	)			(10,960	)
Net loss attributable to ordinary shareholders			(78,084	)			(20,903	)			(125,961	)			(18,263	)
Plus: Share-based compensation			47,262				60,909				50,774				7,361
Adjusted net (loss) income attributable to ordinary shareholders			(30,822	)			40,006				(75,187	)			(10,902	)
Shares used in net (loss) earnings per ordinary share computation (in thousands of shares):
Basic			143,886				149,338				150,994				150,994
Diluted			143,886				151,600				150,994				150,994
Adjusted basic net (loss) earnings per ordinary share			(0.21	)			0.27				(0.50	)			(0.07	)
Adjusted diluted net (loss) earnings per ordinary share			(0.21	)			0.26				(0.50	)			(0.07	)
Adjusted basic net (loss) earnings per ADS			(0.42	)			0.54				(1.00	)			(0.14	)
Adjusted diluted net (loss) earnings per ADS			(0.42	)			0.52				(1.00	)			(0.14	)

14

FAQ

How much revenue did EHang (EH) generate in Q1 2026?

EHang generated total revenue of RMB25.7 million (US$3.7 million) in Q1 2026. This was roughly in line with RMB26.1 million a year earlier, but much lower than RMB177.6 million in Q4 2025 due to reduced eVTOL aircraft sales.

What was EHang’s net loss and EPS for Q1 2026?

EHang reported a Q1 2026 net loss of RMB126.4 million (US$18.3 million). Basic and diluted net loss per ordinary share were RMB0.83 (US$0.12), while basic and diluted net loss per ADS, each representing two ordinary shares, were RMB1.66 (US$0.24).

What is EHang’s cash and investment balance as of March 31, 2026?

As of March 31, 2026, EHang held RMB1.03 billion (US$148.9 million) in cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investments. This liquidity provides financial flexibility while the company scales commercial operations and funds ongoing research and development.

Did EHang maintain its 2026 revenue guidance?

Yes, EHang maintained its 2026 full-year revenue guidance of around RMB600 million. Management cited market demand, progress toward public commercial operations, expanding international opportunities and diversified revenue sources as key factors supporting this outlook for the remainder of the year.

What share repurchase program did EHang announce?

On June 8, 2026, EHang’s Board approved a 12‑month share repurchase program of up to US$30 million in ADSs or ordinary shares. Repurchases may occur via open market trades, block deals, or private transactions and are expected to be funded mainly from existing cash.

How did EHang’s non-GAAP adjusted results look in Q1 2026?

EHang reported an adjusted operating loss of RMB77.1 million and an adjusted net loss of RMB75.6 million in Q1 2026. Adjusted basic and diluted net loss per ordinary share were RMB0.50, and adjusted basic and diluted net loss per ADS were RMB1.00, excluding share-based compensation.

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